Statutory Rules 1993   No. 2451

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Wheat Industry Fund Regulations2 (Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Wheat Marketing Act 1989.

Dated 15 September 1993.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

SIMON CREAN

Minister for Primary Industries and Energy

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1.  Amendment

1.1   The Wheat Industry Fund Regulations are amended as set out in these Regulations.

[NOTE:  These Regulations commence on gazettal: see Acts Interpretation Act 1901, s.48.]

Regulation 2 (Interpretation)

2.1   Insert the following definitions:

“‘application’, in relation to the payment of equity, means an application under subregulation 14 (1) or (2);

‘equity holder’ or ‘holder of equity’ means a person who is registered or entitled to be registered as a holder of equity under regulation 13;

‘option A’, in relation to the payment of equity, means the method set out in subregulation 17 (1) for determining the amount of equity payable;

‘option B’, in relation to the payment of equity, means the method set out in subregulation 17 (2) for determining the amount of equity payable;

‘Wheat Industry Fund number’, in relation to an equity holder, means the number allocated to the equity holder by the Board;

“WIF financial year’ means the year beginning on 1 October, as prescribed by subregulation 6 (1).”.

2.2 Add at the end:

 “(2) For the purposes of these Regulations, a person is taken to have paid levy to the Board if the person has paid levy within the meaning of Part 7 of the Act, and any part of the levy has been paid to the Board under section 86 of the Act.”.

3.   Regulation 8 (Equity in Fund)

3.1   Subregulation 8 (1):

Omit the subregulation, substitute:

 “(1) As soon as practicable after the end of each WIF financial year, the Board must determine the equity in the Fund, as at the end

of that financial year (in this regulation called “the last WIF financial year”), of:

 (a) each person who has paid levy that was credited to the Fund during the last WIF financial year; and

 (b) each person who is registered as a holder of equity.”.

3.2   Paragraph 8 (2) (a):

Omit “before 1 October in the year”, substitute “before the end of the last WIF financial year”.

3.3   Paragraph 8 (2) (b):

Omit “before 1 October in the year”, substitute “before the end of the last WIF financial year”.

3.4   Subparagraph 8 (2) (d) (ii):

Omit “30 September”, substitute “the end of the last WIF financial year”.

3.5   Subparagraph 8 (2) (d) (iii):

Omit “the previous financial year”, substitute “the WIF financial year before the last WIF financial year”.

3.6   Subparagraph 8 (2) (d) (v):

Omit “the relevant financial year”, substitute “the last WIF financial year”.

3.7   Subparagraph 8 (2) (d) (vi):

Omit “the financial year”, substitute “the last WIF financial year”.

3.8   Subregulation 8 (4):

Omit “a financial year”, substitute “the last WIF financial year”.

3.9   Paragraph 8 (4) (a):

Omit “the previous year”, substitute “the previous WIF financial year”.

3.10   Paragraph 8 (4) (c):

Omit “before 1 October in the year”, substitute “before the end of the last WIF financial year”.

3.11   Paragraph 8 (4) (d):

Omit “during the year”, substitute “during the last WIF financial year”.

3.12   Paragraph 8 (4) (e):

Omit “in the year”, substitute “in the last WIF financial year”.

4.   Regulation 9 (Issue of statements by Board)

4.1   Subregulation 9 (1):

Omit the subregulation, substitute:

 “(1) As soon as practicable after the end of each WIF financial year, the Board must issue a statement to each person who:

 (a) has paid levy that was credited to the Fund before the end of that WIF financial year; or

 (b) is registered as a holder of equity.”.

4.2   Paragraph 9 (2) (b):

Omit the paragraph, substitute:

 “(b) the amount of levy paid by the person that was credited to the Fund before the end of that WIF financial year; and”.

5.   Regulation 10 (Payments to equity holders)

5.1   Paragraph 10 (2a) (a):

Omit “financial year”, substitute “WIF financial year”.

6.   Regulation 13 (Register of equity holders)

6.1   New paragraph 13 (2) (aa):

After paragraph 13 (2) (a) insert:

 “(aa) the Wheat Industry Fund number of each equity holder; and”.

6.2   Paragraph 13 (2) (b):

Omit “season”, substitute “WIF financial year”.

7.   New regulations

7.1   Add at the end:

Repayment of equity—bankruptcy or death of equity holder

 “14. (1) If an equity holder who is an individual is declared bankrupt, the trustee of the equity holder’s estate may apply to the Board for payment of the equity to the estate.

 “(2) If an equity holder dies, the executor of the equity holder’s will, or the administrator of the equity holder’s estate, may apply to the Board for payment of the equity to the estate.

 “(3) An application must:

 (a) be in writing signed by the applicant; and

 (b) give the name and address of the equity holder; and

 (c) give the equity holder’s Wheat Industry Fund number; and

 (d) include a certified copy of the sequestration order or the death certificate, as the case requires; and

 (e) indicate whether option A or option B is chosen; and

 (f) include documentary evidence of the appointment of the applicant as trustee, or as executor or administrator, as the case requires.

Time limit for applications

 “15. (1) If an equity holder becomes bankrupt or dies on or after the commencement of this regulation, an application for payment of the equity may only be made within 3 years after the bankruptcy or death occurred.

 “(2) If an equity holder became bankrupt or died before the commencement of this regulation, an application for payment of the equity may only be made within 3 years after its commencement.

 “(3) An application for the payment of equity to the estate of a holder of equity who has been declared bankrupt may only be made while the equity holder remains bankrupt.

Payment of the amount of equity

 “16. (1) If, after considering an application for the payment of equity, the Board is satisfied that the applicant is the trustee, or the executor or administrator, of the equity holder, as the case requires, then the Board must pay the applicant the amount of the equity minus an amount by way of reimbursement for the administrative costs reasonably incurred by the Board in dealing with the application.

 “(2) Despite subregulation (1), the Board is not required to pay an amount under that subsection if, as a result of the payment, the Board would be unable to comply with the Annual Business Plan developed under regulation 5 for the WIF financial year in which the payment would be made.

 “(3) Application under the Administrative Appeals Tribunal Act 1975 may be made to the Administrative Appeals Tribunal for a review of a decision of the Board not to pay an amount under subregulation (1).

Calculation of amount payable

 “17. (1) If an applicant chooses option A then, when determining the amount of the equity for the purposes of subregulation 16 (1), the Board must:

 (a) take account of any registered equity held by the equity holder at the end of the day on which the application was received by the Board; and

 (b) take account of any transfer of equity to or from the equity holder on or before that day; and

 (c) take account of any payments made to the equity holder under regulation 10 on or before that day.

 “(2) If an applicant chooses option B then, for the purposes of subregulation 16 (1), the amount of the equity is the amount determined in relation to the equity holder under regulation 8 at the end of the WIF financial year in which the application for payment of the equity was received by the Board.

Repayment of uncredited levy

 “18. If, after making a payment of equity under regulation 16, the Board receives and allocates to the equity holder levy that was not taken into account when determining the amount of the payment, then the Board must pay to the applicant an additional amount equal to the amount of the levy.

When must the equity payment be made?

 “19. (1) If the Board decides to make a payment of equity under subregulation 16 (1), and the applicant chooses option A, the payment must be made within 30 days after the Board receives the application.

 “(2) If the Board decides to make a payment of equity under subregulation 16 (1), and the applicant chooses option B, the payment must be made as soon as practicable after an amount is determined under regulation 8 in relation to the equity holder at the end of the WIF financial year in which the application for payment was received by the Board.

 “(3) If the Board pays an additional amount under regulation 18, the payment must be made within 30 days after the levy was received and allocated to the equity holder by the Board.”.

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 22 September 1993.

2. Statutory Rules 1990 Nos. 28 and 417 as amended by 1991 Nos. 198 and 315.